poverty

see also:

Introduction

  • you do NOT want to be in the dire financial position of relying upon an aged or disability pension or unemployment benefit AND paying rent!
    • if you really can't get into home ownership then at least ensure you will have a significant savings accumulated
    • the world is heading towards a subscription / rental model rather than an ownership model (harking back to the old days of the super rich feudal lords and poor serfs who pay rent) and this is a major threat to financial viability especially in retirement - try to buy your own home
  • don't be reckless with your life - injuries, drugs or gambling addictions can destroy your ability to be independent and run a high risk of poverty
  • take care of your relationships and who you choose to be your partner in life - if any
  • don't waste your money needlessly - it doesn't come easily and the less you spend, the less you have to work to survive
    • do you really need to spend all that money on holiday accommodation - maybe just go camping instead - the best things in life are almost free
    • don't get sucked in by advertisements - they mislead you into thinking you can buy happiness and enjoyment in life
    • don't waste money on monthly subscriptions (Netflix, Spotify, etc) unless you really need them
    • think twice before buying coffee, foods, alcohol, etc - you can make your own coffee for 50c a pod instead of paying $5 - saving $10 a day equates to over $3000 a year for which you would need to earn at least $4000 in pre-tax income
  • plan for your future
    • invest carefully for the long term
    • consider taking out disability insurance, especially if you have a mortgage to pay off or dependents
    • assuming you have 40 years of income producing life and you need $1 million for a property, on average, you will need to save $25000 per year and that does not include the interest repayments nor other property expenses
    • before you buy a property, make sure it is insurable into the future and that it will appreciate in value - eg. not in a flood zone or bushfire risk area
  • always be kind and respectful to others - you don't know what they are going through, and maybe one day you will need someone to be kind to you - crap happens even to those who take precautions and mitigate risks
1)
https://www.abc.net.au/news/2025-02-10/older-women-housing-distress-calls-for-rent-assistance-increase/104845058